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-0.00226
-5.03%
0.042 / 0.0427 (1 x 1)
PR Newswire
LAS VEGAS, May 20, 2024
LAS VEGAS, May 20, 2024 /PRNewswire/ -- Remark Holdings, Inc. (OTCQX: MARK), a leading provider of artificial intelligence solutions, today announced its financial results for its quarter ended March 31, 2024. For complete details of the consolidated financial statements and accompanying management's discussion and analysis, please see Remark's filings with the SEC (www.sec.gov).
Management Commentary
"The Clark County School District Board of Trustees has now formally approved Remark as a provider of weapons detection in the fifth largest school district in the US, and such contract win has already led to increased opportunities for our solutions from other entities within Clark County. We expect installations under the contract to begin in the next few weeks," said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "We believe our solutions are well-suited for the use case with respect to CCSD and will soon be used in many more school districts across the US."
"We look forward to beginning sales of our Remark AI computer vision solutions on Microsoft's Azure Marketplace very soon, as we near completing the migration of our software solutions for sale via that sales channel," Mr. Tao continued. "Being on Microsoft's sales platform gives us the access and credibility to scale our unique AI models that span more than 10 different industries. We also expect to announce additional Fortune 500 partners to further expand our relationships with resellers that recognize the value of our solutions for many industries and which can accelerate the acceptance of our products and solutions in the industries we target."
Fiscal Year 2023 Business Highlights
First Quarter 2024 Financial Results
Conference Call Information
Management will hold a conference call this afternoon at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss the Company's financial results and provide an update on recent business developments. A question and answer session will follow management's presentation.
The live conference may be accessed via telephone or online webcast.
Date: Monday, May 20, 2024
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free Number: 844.826.3033
International Number: 412.317.5185
Conference ID: 10189441
Online Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1671520&tp_key=03deeace35
Participants are advised to log in for the live webcast 10 minutes prior to the scheduled start time.
A replay of the call will be available after 7:30 p.m. Eastern time on the same day through June 3, 2024.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 10189441
About Remark Holdings, Inc.
Remark Holdings, Inc. (OTCQX: MARK) is the AI-powered analytics platform that brings valuable insights to the video feeds provided by current cameras and computer vision solutions through its integrated suite of AI tools that help organizations understand their customer behavior and demographics while providing real-time alerts to predetermined inspection and security parameters. Remark's international team of sector-experienced professionals has created award-winning GDPR-compliant and CCPA-compliant video analytics solutions that service the government agencies, hospitality, public safety, retail, and transportation sectors. The company's headquarters are in Las Vegas, Nevada, USA, with operational offices in New York and international offices in London, England. For more information, please visit our home page at www.remarkholdings.com.
Forward-Looking Statements
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment, and regulations. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in the future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views concerning future events, are based on assumptions, and are subject to risks and uncertainties. Given such uncertainties, you should not rely on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events, or otherwise.
Company Contacts
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+65) 8715-8007
REMARK HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (dollars in thousands, except share and per share amounts) | |||
March 31, 2024 | December 31, 2023 | ||
(Unaudited) | |||
Assets | |||
Cash | $ 239 | $ 145 | |
Trade accounts receivable, net | 1,155 | 1,287 | |
Inventory, net | 742 | 750 | |
Deferred cost of revenue | 6,178 | 6,644 | |
Prepaid expense and other current assets | 840 | 614 | |
Total current assets | 9,154 | 9,440 | |
Property and equipment, net | 478 | 189 | |
Operating lease assets | 432 | 517 | |
Other long-term assets | 74 | 90 | |
Total assets | $ 10,138 | $ 10,236 | |
Liabilities | |||
Accounts payable | $ 9,880 | $ 9,348 | |
Advances from related parties | 1,017 | 1,205 | |
Obligations to issue common stock | 12,173 | 10,033 | |
Accrued expense and other current liabilities (including $1,031 and $495 of delinquent payroll taxes as of March 31, | 12,235 | 11,921 | |
Contract liability | 559 | 570 | |
Notes payable (including a past due amount of $16,307 as of each of March 31, 2024 and December 31, 2023) | 16,475 | 16,463 | |
Total current liabilities | 52,339 | 49,540 | |
Operating lease liabilities, long-term | 235 | 286 | |
Total liabilities | 52,574 | 49,826 | |
Commitments and contingencies | |||
Stockholders' Deficit | |||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; zero issued | — | — | |
Common stock, $0.001 par value; 175,000,000 shares authorized; 41,153,044 and 22,038,855 shares issued and | 41 | 22 | |
Additional paid-in-capital | 390,247 | 379,244 | |
Accumulated other comprehensive loss | (1,263) | (1,186) | |
Accumulated deficit | (431,461) | (417,670) | |
Total stockholders' deficit | (42,436) | (39,590) | |
Total liabilities and stockholders' deficit | $ 10,138 | $ 10,236 |
REMARK HOLDINGS, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (dollars in thousands, except per share amounts) | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Revenue | $ 387 | $ 826 | |
Cost and expense | |||
Cost of revenue (excluding depreciation and amortization) | 350 | 455 | |
Sales and marketing | 300 | 366 | |
Technology and development | 346 | 169 | |
General and administrative | 3,023 | 2,833 | |
Depreciation and amortization | 64 | 46 | |
Total cost and expense | 4,083 | 3,869 | |
Operating loss | (3,696) | (3,043) | |
Other income (expense) | |||
Interest expense | (943) | (1,544) | |
Finance cost related to obligations to issue common stock | (9,147) | (3,576) | |
Other gain, net | (5) | 1 | |
Total other expense, net | (10,095) | (5,119) | |
Loss before income taxes | (13,791) | (8,162) | |
Provision for income taxes | — | — | |
Net loss | $ (13,791) | $ (8,162) | |
Other comprehensive income | |||
Foreign currency translation adjustments | (77) | (318) | |
Comprehensive loss | $ (13,868) | $ (8,480) | |
Weighted-average shares outstanding, basic and diluted | 34,173,686 | 13,004,071 | |
Net loss per share, basic and diluted | $ (0.40) | $ (0.63) | |
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SOURCE Remark Holdings, Inc.